“Delaying taking benefits until you are age 70 so you can receive the maximum amount is still usually the best tactic,” Cordaro says.
Two Social Security Changes That Demand Advisors' Attention
December 10, 2015
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There is a problem. The rules states that if you are turning age 62, you can do spousal benefits. But. beneficiaries do not want to begin spousal benefits until age 65. They want their earned recod to grow until age 70 and collect spousal benefit in the interim. That part of strategy is not discsused in the regulaion. If you call Social Security, they do nothave the system capability to allow those who turn 62 to defer their choice 3 years, then collect spousal benefit as their earning record grows. that was not the intention of the change. The intention was to have the two strategies go away in 6 months. Thus, you need to file for spousal benefit now or in next 6 months, reducing your lifetime benefit by almost 20% because you take the benefit payment below FRA . This change effects far more people tthan advertised. It effects all couples into future who wanted this benefit and will not receive. How many dual income married couples are there ? This was also a spousal benefit that was often wanted by the GLB community and a reason cited for marriage equality. Further, this was not a loophole. It was a purposeful strategic program approved by Congress because it encouraged married copuples to take a lesser social security payments in hope for a lower overall lifetime cost to Social Security. The government does not payout tens of billions of dollars for amost two decades and say "oops".